World's richest woman and L'Oreal heiress dies at 94

Daughter Francoise Bettencourt Meyers released a statement on behalf of the family, saying her mother "left peacefully" at her home in Paris.

Bettencourt was the world's 14th richest person according to Forbes, with an estimated worth of AUD $39.5 billion.

Related video: L'Oreal forced to pull controversial ads

She was born Liliane Schueller to L'Oreal founder Eugene Schueller and Louise Madeleine Berthe in Paris in 1922.

Her mother died when Bettencourt was just five years old.

The heiress began working for the family business at 15 labelling bottles of shampoo.

Bettencourt married French politician and future cabinet minister Andre Bettencourt in 1950 and they remained married for 57 years. The couple had one daughter, Francoise.

She inherited L'Oreal after her father died in 1957 and ran the company for more than five decades.

The heiress has rarely been seen since leaving the L'Oreal board in 2012 after a medical report was submitted showing she was suffering from "mixed dementia" and "moderately severe" Alzheimer's since 2006.

Bettencourt leaving a fashion show in 2001 with daughter Francoise. Image: AAP

Her removal from the board triggered a bitter feud with her only daughter, with some accusing those close to the heiress of exploiting her failing health.

There were even accusations financial manager Patrice de Maistre convinced her to make cash donations to former president Nicolas Sarkozy during his 2007 presidential campaign.

In 1987 the heiress set up the Bettencourt Schueller foundation with her husband and daughter with the aim of developing humanitarian projects.

Her time at the helm of L'Oreal wasn't without controversy, with the company being accused of "destroying the planet" by the Ethecon Foundation who awarded the company the Black Planet Award in 2007.

The heiress and her daughter owned 33 percent of the company at the time of her death and Francoise said in her statement about her mother's death that the family "remain committed to L'Oreal and its management team".

"I would like to reiterate, on behalf of our family, our entire commitment and loyalty to L'Oreal and to renew my confidence in its President Jean-Paul Agon and his teams worldwide," she stated.